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Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value
-3.5%
€1.92
vs €1.99 price
Levered DCF
€0.96
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
1.67
Distress zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E12.86×6.67×21.05×282.46×-85.59×-10.63×-2.55×-2.39×
P/B0.85×0.65×0.95×0.87×1.08×0.95×0.48×0.5×
P/S0.5×0.32×0.4×0.38×0.43×0.56×0.33×0.4×
EV / EBITDA4.18×0.83×5.05×9.34×14.84×-26.05×0.46×-0.61×
Gross margin23.3%20.2%14.2%13.1%8.5%7.3%7.0%-0.4%
Operating margin3.3%5.2%0.1%-0.4%-2.8%-8.8%-11.0%-18.5%
Net margin3.9%4.8%1.9%0.1%-0.5%-5.3%-12.9%-16.7%
Current ratio1.28×1.48×1.84×2.12×1.02×0.97×2.29×1.51×
Debt / equity0.07×0.06×0.09×0.38×0.31×0.32×0.29×0.21×
Interest coverage4.83×14.73×0.12×-0.86×-8.3×-14.97×-15.05×-29.79×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%1.8%0.0%
Payout ratio0.2%0.1%0.0%4.6%-1.1%0.0%-4.5%-0.1%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity6.6%9.9%4.5%0.3%-1.3%-9.0%-18.7%-20.8%
Return on invested capital2.9%5.6%0.1%-0.1%7.1%-9.4%-14.6%-42.6%
Return on assets2.8%4.1%1.8%0.1%-0.4%-3.1%-7.4%-9.4%
Free cash flow yield13.8%15.9%15.7%-27.1%-9.2%-9.6%27.6%-26.1%
Earnings yield7.7%15.2%4.8%0.4%-1.2%-9.4%-39.1%-41.7%
Enterprise value€66.2M€16.2M€52M€74M€60.2M€44.9M-€5.3M€13.4M
Net debt / EBITDA-1.47×-2.74×-3.69×-0.77×-9.16×22.96×4.61×2.14×
Cash conversion cycle (days)22304842-18-443055